Air India officially handed over to Tata Sons
JNS: Tata Group takes over the management and control of Air India after it was officially handed over to the Tata Sons Limited. The Tata Group Thursday regained control of Air India nearly 69 years after it was taken from the conglomerate.
Tata Group is excited to have Air India back and the group is committed to making this a world class airline, said Chairman of Tata Sons Private Limited N. Chandrasekaran in a statement issued by the Tata Group.
“Tata Group warmly welcomes all the employees of Air India to the Group,” he said.
Tata Group acknowledged Prime Minister Narendra Modi’s commitment to reform and faith in India’s entrepreneurship spirit saying that this commitment made this historic transition possible. It said, the Tata Group agrees with the Prime Minister’s vision for the aviation sector of making it affordable and boosting Ease of Living for the citizen.
Notably, Talace is a wholly owned subsidiary of Tata Sons. In October last year, the Government approved Air India disinvestment. The Air India strategic disinvestment transaction has been completed with Government receiving a consideration of two thousand 700 crore from the Talace Private Limited.
Civil Aviation Minister Jyotiraditya Scindia said, it is indeed noteworthy that the disinvestment process of Air India has been brought to a successful conclusion in a time-bound manner. He said, this proves the Government’s ability and the resolve to carry out disinvestment effectively in non-strategic sectors in the future.
The minister extended his best wishes to the new owner saying that he is confident that the airline will bloom under Tata Sons’ wings, and pave the way for a thriving and robust civil aviation industry in India.
Department of Investment and Public Asset Management Secretary Tuhin Kant Pandey said that the strategic disinvestment transaction of Air India successfully concluded today with transfer of 100 per cent shares of Air India to Talace Private Limited along with management control. He said a new Board, led by the Strategic Partner, took charge of Air India.
The transaction covers three entities, Air India, Air India Express and AI SATS.